Nation
FG Disburses N2trn To Mitigate Covid-19 Impact
The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, yesterday, disclosed that the synchronized efforts by the monetary and fiscal authorities to mitigate the impact of the Covid-19 pandemic have led to the disbursement of N2trillion as of January this year.
Emefiele made the disclosure at the end of the first Monetary Policy Committee meeting of this year.
He revealed that N192.64billion has been disbursed to 426,016 beneficiaries of the Covid-19 Targeted Credit Facility (TCF) meant for household and small businesses.
“We have also disbursed N106.96billion to 27,956 beneficiaries under the Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS), while in the Health Care Support Intervention Facility, we have disbursed N72.96billion to 73 project that comprise 26 pharmaceutical projects and 47 hospitals and Health Care Services Project in the country.
“To support the provision of employment opportunities for the Nigerian youth, the Central Bank of Nigeria also provided financial support through the Creative Industry Financing Initiative and Nigerian Youth Investment Fund amounting to N3.12billion with 320 beneficiaries and N268million with 395 beneficiaries, respectively.
“On enhancing power supply, the Bank has so far, provided N18.58billion for the procurement of 347,853 electricity reading meters to Discos in support of the National Mass Metering Programme”, the CBN governor revealed.
Emefiele noted that, under the Anchor Borrowers Programme (ABP), N554.63billion had been disbursed to 2,849,490 beneficiaries since the inception of the programme, of which N61.02billion was allocated to 359,370 dry season farmers.
The committee urged the Bank to sustain its current drive to improve access to credit to the private sector while exploring other complementary initiatives, in collaboration with the Federal Government, to improve funding to critical sectors of the economy.
On the external reserves position, the committee noted the increase in the level of external reserves, which stood at $36.23billion as at January 21, 2021 compared with $34.94billion at the end of November, 2020.
This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of Covid-19 vaccines by most developed economies.
On efforts to stabilise food prices, Emefiele said that the bank has detected the unhealthy activities of private commodities exchange, a development that necessitates the repositioning of the Nigeria commodity exchange.
“We have written to the President and luckily, we have received the approval to restructure and reposition the Nigeria commodity exchange. It will operate like standard commodity exchanges that you can find in any part of the world which includes stabilizing of food prices generally. We will be coming up with the agenda and framework for the restructuring and repositioning of the Nigeria commodity exchange and we will do so in a manner that prices must be stable in Nigeria.
“We will not allow some self-seeking private exchange commodity to be holding agriculture products and be creating problems for prices because price stability is the core mandate of CBN and we cannot shy away from the responsibility, luckily the CBN own 60 per cent of Nigeria commodity exchange and we take control of it and will run it the way commodity exchanges are supposed to be run in any part of the world. That is one way that we would want to stabilize food prices in Nigeria”.
During the period under review, money market rates remained low, reflecting the prevailing liquidity conditions in the banking system.
Overall, the monthly weighted average Open Buy Back (OBB) rates declined further from the 1.13 per cent in November, 2020 to 1.09 per cent in December, 2020.
On the equities market, the committee noted the positive performance, particularly the sustained patronage by domestic investors largely driven by the prevailing low yields in the money market.
The All-Share Index (ASI) increased by 1.82 per cent to 41,001.99 points as at January 22, 2021 from 40,270.72 points on December 31, 2020.
Similarly, Market Capitalization (MC) grew by 1.80 per cent to N21.44trillion from N21.06trillion over the same period.
This improved performance was largely attributed to gains recorded in medium and large capitalized companies, notably in consumer goods, banking, insurance and oil and gas sectors.
The Monetary Policy Committee (MPC), however, noted the marginal increase in the Non-Performing Loans (NPLs) ratio which rose to 6.01 per cent at end-December, 2020 from 5.88 per cent at end-November, 2020 and above the prudential maximum threshold of 5.0 per cent.
While noting that this development is not unexpected under the prevailing circumstances, it urged the Bank to strengthen its macroprudential framework to bring NPLs below the prescribed benchmark.
The Hydrocarbon Pollution Remediation Project (HYPREP) has announced that the mangrove wetlands in Ogoniland have been officially designated a Ramsar Site of International Importance by the Secretariat of the Ramsar Convention on Wetlands.
The designation, according to HYPREP, underscores the global ecological significance of Ogoniland’s mangrove wetlands and highlights ongoing restoration efforts aimed at addressing environmental degradation in the area.
In a press statement issued by the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, the recognition was described as a major milestone for the agency, the people of Ogoni and other stakeholders working towards environmental restoration in the region.
Zabbey explained that the mangrove wetlands, which cover more than 31,700 hectares, consist of islands, tidal creeks, mudflats and mangrove forests that support a wide range of biodiversity. The ecosystem provides habitat for several species including fin fish, shellfish, crustaceans, crocodiles, turtles and the endangered grey parrot.
He noted that beyond biodiversity conservation, the wetland also provides essential ecosystem services such as fisheries production, flood control, water purification and carbon storage. According to him, the international recognition will further support local livelihoods, promote ecotourism and bring global attention to the region.
The HYPREP coordinator disclosed that the designation followed a meticulous process that began in 2024 when the project submitted a memorandum to the National Council on Environment seeking support for the recognition of the Ogoni wetlands as a Ramsar site.
Following the council’s review and approval, the Honourable Minister of Environment and Chairman of HYPREP’s Governing Council, Balarabe Abbas Lawal, formally wrote to the Ramsar Convention Secretariat requesting international recognition of the wetlands.
After a comprehensive ecological assessment, the Ramsar Secretariat granted the designation, officially recognising the Ogoniland wetlands as one of the world’s sites of international importance.
Zabbey said the recognition would strengthen ongoing environmental restoration efforts in the area and encourage stronger conservation measures and sustainable management of the wetlands for the benefit of present and future generations.
He added that the designation also fulfils a key recommendation of the United Nations Environment Programme (UNEP) Environmental Assessment Report on Ogoniland, marking another significant step in the implementation of the report’s recommendations.
The HYPREP project coordinator reaffirmed the agency’s commitment to restoring the Ogoni environment through the remediation of oil-polluted land, shorelines and mangrove ecosystems.
He also called for collective responsibility and stakeholder support to sustain the progress of the Ogoni cleanup programme and facilitate the development of a comprehensive and sustainable management plan for the Ogoni mangrove wetlands.
The Permanent Secretary, Rivers State Ministry of Social Welfare and Rehabilitation, Mrs Lauretta Davies-Dimkpa, has attributed the successes of the 12-day programme organised for adolescent girls aimed at eliminating Female Genital Mutilation(FGM) in some parts of the State to the ability of the respective stakeholders to take ownership of the programme.
Mrs Davies-Dimkpa, who dropped the hint in an interview at the end of the programme in Elele-Alimini Community in Emohua Local Government Area on Saturday, said the event had a buy-in component, an ownership mentality, whereby facilitators, staff, and everyone involved took ownership of the project.
She explained that the Rivers State Ministry of Social Welfare and Rehabilitation, in collaboration with the United Nations Children’s Fund (UNICEF) and the United Nations Population Fund (UNFPA) had packaged a series of training sessions for adolescent girls aimed at ending the practice of Female Genital Mutilation (FGM) in some communities across the State.
According to her, the initiative was designed to educate young girls on the harmful effects of the practice and empower them to become advocates against it within their communities.
She noted that the programme, which lasted for several weeks, targeted adolescent girls from different local government areas where the practice is still prevalent, stressing that
data collected by UNICEF and the Ministry revealed that Female Genital Mutilation is still practised in some parts of the State, prompting the need for intensified sensitisation and community engagement.
Mrs Davies-Dimkpa explained that the programme adopted a “train-the-trainer” approach where adolescent girls were educated on the dangers of the practice and encouraged to share the knowledge with their peers, families and communities.
“This is a programme by the Rivers State Ministry of Social Welfare and Rehabilitation with support from UNICEF and UNFPA to train adolescent girls towards ending Female Genital Mutilation, which is still practised in some local government areas,” she said.
She further explained that each participating local government area had a three-day training session, with the exercise running for a total of 12 days.
The local government areas, where the programme took place, she noted, included Ahoada West, Abua-Odual, and Emohua, adding that the initiative is part of broader efforts by the state government and development partners to eliminate harmful traditional practices and protect the rights and wellbeing of girls.
She revealed that prior to the training of the adolescent girls, the Ministry and its partners had also engaged community facilitators, including older women and men, to sensitise them on the dangers associated with Female Genital Mutilation.
According to her, the involvement of community leaders and adults is essential in addressing the cultural and social factors that sustain the practice.
Speaking on the response of the participants, the permanent secretary expressed satisfaction with the level of engagement and enthusiasm shown by the girls throughout the training sessions.
She noted that many of the participants said they were learning about the harmful effects of Female Genital Mutilation for the first time.
“The girls are between the ages of 12 and 17 and from the interactions we had with them, they were very excited. Some of them are hearing these things for the first time and never knew that the practice is harmful,” she said.
She expressed optimism that the knowledge gained from the training would enable the girls to serve as advocates for change within their communities.
She added that the Rivers State Government, alongside its partners, would continue to intensify efforts and expand community-based interventions aimed at ending the practice across the State.
Meanwhile, the participants for Emohua Local Government Area were drawn from Elele-Alimini, Egbeda, Rumuji, Ibaa, Rumuekpe, Rumuakunde, Eligbarada, and Ogbakiri Communities.
The participants,who spoke in separate interviews described the training as eye-opening, noting that it helped them better understand issues surrounding adolescent health, personal hygiene, reproductive health, and the harmful consequences of Female Genital Mutilation.
Favour Azukwu from Rumuekpe community, said the programme provided a deeper understanding of the dangers associated with the practice, particularly its impact on the health and wellbeing of girls and women.
She explained that the training sessions exposed participants to the medical, social and psychological effects of Female Genital Mutilation, including severe bleeding, infections and complications during childbirth.
She revealed that she personally experienced the practice at the age of 12 and suffered heavy bleeding afterwards, an experience that has strengthened her determination to advocate for its eradication.
According to her, many communities still practise Female Genital Mutilation because it is perceived as a cultural tradition, despite the dangers associated with it.
“I do not support Female Genital Mutilation because there are many dangers involved. I experienced severe bleeding when it was done to me as a child.
Another participant, Glory Ken, a 16-year-old secondary school student from Rumuji community, said the programme broadened her understanding of several important topics affecting adolescents.
She explained that beyond the discussion on Female Genital Mutilation, the training also focused on issues such as personal hygiene, reproductive health, peer education, and self-care.
According to her, the sessions helped participants understand the importance of making informed health decisions and supporting one another as peer educators.
“I learned about many things that affect young people in society and how to take care of myself. I also learned that Female Genital Mutilation is harmful to our health. The message I am taking back to my community is that this practice should stop,” she said.
Also speaking, Goodness Kenjika Nyeche described the programme as very impactful.
She noted that the training equipped participants with the skills and confidence to educate others about the harmful effects of Female Genital Mutilation.
She said she plans to organise sensitisation among adolescents in her community, particularly girls between the ages of 10 and 19, to ensure they understand the dangers associated with the practice.
“I learned many things from this programme and I feel very good about it. I will educate other young girls in my community and help them understand why Female Genital Mutilation should not continue,” she said.
For Queen Dike from Ibaa community, the programme helped clarify misconceptions surrounding the practice.
She explained that in some communities, the practice is still referred to as circumcision and is viewed as part of cultural identity.
She said the training helped participants understand that Female Genital Mutilation involves the cutting or removal of parts of the female genital organs and that it has serious health consequences.
She stressed that awareness and education are key to ending the practice, especially among communities that continue to uphold it as tradition.
“I think the programme is very helpful because many people still believe it is part of culture. More awareness is needed so people can understand why it should stop,” she said.
Another participant, MyJoy Echika Amadi, said the programme provided critical information about adolescent health and the dangers associated with Female Genital Mutilation.
She described the initiative as enlightening and said it encouraged young people to become advocates for change in their communities.
According to her, participants were encouraged to use various platforms such as churches, peer groups, schools and community gatherings to spread awareness about the harmful effects of the practice.
“This programme has enlightened us about the dangers of Female Genital Mutilation. I will do my best to create awareness in my community and encourage people to stop the practice,” she said.
Many of the participants emphasised that the knowledge gained during the programme has empowered them to challenge harmful traditions and promote healthier practices among young people.
They also called on the Rivers State Government, development partners and civil society organisations to sustain the sensitisation campaigns and extend the training to more communities across the State.
According to them, empowering young people with the right information will play a critical role in eliminating Female Genital Mutilation and protecting the rights, health and dignity of girls in Rivers State.
The participants expressed appreciation to the Rivers State Ministry of Social Welfare and Rehabilitation, UNICEF and UNFPA for organising the programme and for investing in the wellbeing and future of adolescent girls in the State.
